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both for and include some of the spending cuts in this deal to avoid the fiscal cliff. because that's not what they're doing right now. should they include this? >> yes, and i know that democrats except that this has to be a balanced package that includes revenues and cuts and spending cuts. >> yet months ago, that ws voted down 99 to zero. earlier this week, the number two democrat in the senate, dick durbin, insisted maj spending cuts and entitlement reform will not be part of these talks. nancy pelosi has been noncommittal about whether cuts will be in the deal. still, they are trying to breathe into the talks with vice present biden shopping avenue costco in washington, picking up a big-screen tv and an apple pie and insisting he is optimistic of the deal. >> i am. all these folks in the store. they are ing to make a difference. reporter: a phone call last night betwee speaker boehner and the president was very curt. it signaled that the president is flexible on taxes by not being specific on the new rates. >> i will say that there can be no deal without rates on to
both for and include some of the spending cuts in this deal to avoid the fiscal cliff. because that's not what they're doing right now. should they include this? >> yes, and i know that democrats except that this has to be a balanced package that includes revenues and cuts and spending cuts. >> yet months ago, that ws voted down 99 to zero. earlier this week, the number two democrat in the senate, dick durbin, insisted maj spending cuts and entitlement reform will not be part of...
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goinn over the fiscal cliff means big budget cuts for the fda and drug approval. we'll talk to acorda and how their company will fare. ashley: let's o to nicole petallides on the floor of the new york stock exchange. nicole? >> ashley, tracy, this is one of those days where you see the back and forth action, right? we stay in this trend line, just establishing right around the unchanged line, the dow jones industrials for example, are up .1 of 1%. the s&p is up a quarter of 1%. tech negative nasdaq the most interesting story today because it has been under pressure while you've seen the other two indices last few days trying to give it a go. the nasdaq has been held back. one of the main reasons because of apple which you duly noted at the top of the show. take a look at nasdaq composite right now which is gaining more than half of 1%, seeing a gain of about 17 points for the tech-heavy nasdaq. it is not back at the 3,000 mark yet. let's look also at apple. because that's key. it is up almost 11 dollars here, a gain of 2%. it traded as low as 5 -- 518 today. down
goinn over the fiscal cliff means big budget cuts for the fda and drug approval. we'll talk to acorda and how their company will fare. ashley: let's o to nicole petallides on the floor of the new york stock exchange. nicole? >> ashley, tracy, this is one of those days where you see the back and forth action, right? we stay in this trend line, just establishing right around the unchanged line, the dow jones industrials for example, are up .1 of 1%. the s&p is up a quarter of 1%. tech...
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to ourtop story tonight, speaker boehner and house republicans are rolling out eir fiscal cliff counteroffer to the white house. includes $800 billio in new tax revenue. that is roughly half what the president was aiming for. 300 billion in dcretionary spending cuts. 900 billion in mandatory spending cuts. now the whi house responding just moments ago saying quote, the republican letter released today does not meet the test of balance. they don't like it. i'm joined by da mitch chill from the cato institute for more on this. dan what do you think. these are a lot of things to occur just in the past few hours. do you feel like ere is progress being made? >> there is progress but progress in the wrong direction. the number on thing to understand alrdy even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will get taken to
to ourtop story tonight, speaker boehner and house republicans are rolling out eir fiscal cliff counteroffer to the white house. includes $800 billio in new tax revenue. that is roughly half what the president was aiming for. 300 billion in dcretionary spending cuts. 900 billion in mandatory spending cuts. now the whi house responding just moments ago saying quote, the republican letter released today does not meet the test of balance. they don't like it. i'm joined by da mitch chill from the...
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Dec 7, 2012
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that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. chairman, thank you. this is your last committee meeting and you will be missed. >> going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning. likewise, we did have the same type of avalanche come tomorrow. there is no more confidence, nobody buys are debt. we would have increased interest rates and huge economic problem. we have two things in front of us. not only the fiscal slope, but also the debt ceiling. treasury estimates at the end -- we have until the end of february. in solving it, would be better to put the debt ceiling in the package with the fiscal slope for a comprehensive solution? or would it be better to do them separately? >> they should be done together. this will not work if we break this thing apart. we need to scale back the clif
that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. chairman, thank you. this is your last committee meeting and you will be missed. >> going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning....
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Nov 29, 2012
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the mortgage interest deduction could be cut or certainly limited as part of a fiscal cliff deal. it's on the table. okay? we're talking about that coming up at the top of the hour, one of our new at 10 stories. all right, back to nicole, research in motion, all right, all over the place these days, but today they're up and i want to know why. >> a buy rating for goldman sachs equals up arrow and this is as simple as wall street gets. you've got positive comments right now on blackberry, for research in motion and the blackberry 10 coming out on january 30th, goldman sachs is saying that the first time in three years the street's estimates are just too low for forth coming device and the risk rewards looks really good here and it depends if this device is a good one and that's why you see, and the price target, they have a new price target, stuart, $16 up from $9 and they see upside potential. stuart: we'll see, and i have your seven early movers for you, the women's apparel maker cold water creek took in more than expected and that stock is up. oh, 11%. disappointing profits from
the mortgage interest deduction could be cut or certainly limited as part of a fiscal cliff deal. it's on the table. okay? we're talking about that coming up at the top of the hour, one of our new at 10 stories. all right, back to nicole, research in motion, all right, all over the place these days, but today they're up and i want to know why. >> a buy rating for goldman sachs equals up arrow and this is as simple as wall street gets. you've got positive comments right now on blackberry,...
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Nov 30, 2012
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liz: of all the funding might get cut if we go over the fiscal cliff, doesn't that create a massive stumbling block for you guys, what you're trying to do? >> there are two areas you are raising. it will be shifting asia. china is not cutting their commitments, they are increasing their commitments and india is dramatically increasing, singapore is dramatically -- the uk is investing more. we are talking about where is the center of innovation, where will the company's -- it is not that it is not going to exist but it will shift -- liz: we will lose our leadership. >> we will lose our leadership of we don't recommit. liz: are you worried we are not turning out enough doctors and scientists in this nation? >> we are probably not turning out enough research scientists with clinical expertise and i am afraid some young people who are interested in this, do i want to take on all those risks, people struggling to keep laboratories going and maybe decide to do something else. the most important resource we have is the talent, to be able to recruit and retain that talent is the most important job i
liz: of all the funding might get cut if we go over the fiscal cliff, doesn't that create a massive stumbling block for you guys, what you're trying to do? >> there are two areas you are raising. it will be shifting asia. china is not cutting their commitments, they are increasing their commitments and india is dramatically increasing, singapore is dramatically -- the uk is investing more. we are talking about where is the center of innovation, where will the company's -- it is not that...
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and incremental revenues, what is happening with the whole fiscal cliff mantra? once they have an understanding of what is going on and there's light at the end of the tunnel and the marketplace perceive that as something that will lead to economic growth in the united states u.n. absolutely see the individual investor get back and think aggressively. they're waiting and watching. liz: we have got to talk about perfect that you are now a coach again. you went back to your dream job, your coaching in coastal carolina. i love the cover of the book that has been written about you, it shows a guy with a briefcase heading back on to the field. what has that been like for you? what has the journey like? >> the journey itself for me has always been as much as i love football, what always impacted me most in the business world was the impact you might be able to have on others and for me it is about an 18 to 22-year-old boy learning to be a man and stand on his own two feet and a accept responsibility for himself and understand the needs to learn the consequences of his
and incremental revenues, what is happening with the whole fiscal cliff mantra? once they have an understanding of what is going on and there's light at the end of the tunnel and the marketplace perceive that as something that will lead to economic growth in the united states u.n. absolutely see the individual investor get back and think aggressively. they're waiting and watching. liz: we have got to talk about perfect that you are now a coach again. you went back to your dream job, your...
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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bob doll is here to join us, find out why he thinks we're going to get a deal on the fiscal cliff and why the tax increases and the cuts in the government won't be as severe as a lot of people are fearing. >> sounds optimistic. and a new report showing more small businesses are putting a for sale sign on their doors. who's selling, who's buying, and why? it's the internet's largestsell, marketplace for buying and selling small businesses. ♪ [ male announcer ] this is steve. he loves risk. but whether he'slimbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with peoplee trusts, which is why he trades with a company that doesn't nick and dime him with hidden fees. so he can worry about other things, like what the market is doing and b ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. can i still ship a gift in time r christmas? yeah, sure you ca great. where's yr gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas deliver
bob doll is here to join us, find out why he thinks we're going to get a deal on the fiscal cliff and why the tax increases and the cuts in the government won't be as severe as a lot of people are fearing. >> sounds optimistic. and a new report showing more small businesses are putting a for sale sign on their doors. who's selling, who's buying, and why? it's the internet's largestsell, marketplace for buying and selling small businesses. ♪ [ male announcer ] this is steve. he loves...
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if they go over the fiscal cliff we'll lose money. we'll have to cut programs. that is just not acceptable. i believe good people can come together and find compromise. compromise is not a dirty word. ashley: it is not. >> as governors we ought to help them get it to happen. ashley: best of luck. get that message out there. governor gary herbert of utah, thanks so much forring us. >> thank you. tracy: nice to be half glass full i suppose. ashley: yeah. tracy: many investors are looking to gold as a safe haven ahead of this fiscal cliff but you have to be really careful where you are putting your money. while gold bullion has made significant gains this year, don't be surprised if your gold fund doesn't reflect that which is quite a little conundrum. sandra smith here to clear it up in today's trade. >> hey, ashley and tracy. gold is down $23 on the session. it is just below 1700. you're right, for the year still posting some nice gains of about 9% for the yellow metal. so it's been a big winner outperforming a lot of stocks in the stock market but not so much th
if they go over the fiscal cliff we'll lose money. we'll have to cut programs. that is just not acceptable. i believe good people can come together and find compromise. compromise is not a dirty word. ashley: it is not. >> as governors we ought to help them get it to happen. ashley: best of luck. get that message out there. governor gary herbert of utah, thanks so much forring us. >> thank you. tracy: nice to be half glass full i suppose. ashley: yeah. tracy: many investors are...
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cliff, and he's clearly not interested at all in cutting any spending. >> reporter: while democrats and republicans debate the size and specifics on tax increases, the two sides also remain apart on spending cuts, reforming entitlement programs like medicare and on the president's request to have greater power to raise the country's debt limit. but the news coming out of this one, "wall street journal" headlines saying that staff members from the president's team and from speaker boehner's team are genre assuming talks. we confirmed as of a couple of hours hag that that wasn't the case, so we're going to check on that right now. david: what they're talking about, we don't know. liz: maybe not dead in the water. david: thank you, rich, appreciate it. liz: we've got good news for all of you last minute shoppers out there coming up in the speed read. david: and up next, first on fox business, tom kloet, ceo of tmx group, a parent of the toronto stock exchange, on the impact of all these regulations coming out of our country. how will they affect businesses in his country? that's coming
cliff, and he's clearly not interested at all in cutting any spending. >> reporter: while democrats and republicans debate the size and specifics on tax increases, the two sides also remain apart on spending cuts, reforming entitlement programs like medicare and on the president's request to have greater power to raise the country's debt limit. but the news coming out of this one, "wall street journal" headlines saying that staff members from the president's team and from...
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there is a real danger of going off the fiscal cliff. >> we are not going to kick the can down the road. we're going to finalize this this year. this is no time for delay. the american people want us to avoid the fiscal cliff with a balanced approach. liz: he said, he said. good afternoon, everybody. i am liz claman, "countdown to the closing bell" starts right now. you heard it from the horses mouth. and it has gyrated the market. john boehner said no substantial progress on fiscal cliff debt deal while harry reid insists we democrats are on track and will finalize it this year. even chuck schumer weighed in saying progress is being made on the hill and the next is a taste oversensitive. take a look at the intraday, you can see how it was jerked around today. right around 11:30 a.m., speaker john maye -- john boehner spoke. the buyers poured in, the short time later chuck schumer came in. now we are trading near the highs of the day. the dow jones dust they stop 77 points, 45 to the upside. all 10 s. and p. sectors are jumping with technologies leading the way. research in motion a big
there is a real danger of going off the fiscal cliff. >> we are not going to kick the can down the road. we're going to finalize this this year. this is no time for delay. the american people want us to avoid the fiscal cliff with a balanced approach. liz: he said, he said. good afternoon, everybody. i am liz claman, "countdown to the closing bell" starts right now. you heard it from the horses mouth. and it has gyrated the market. john boehner said no substantial progress on...
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speak up for the fiscal cliff is part of the half trillion dollars in cuts to the pentagon. the defense has been saying we will not plan for sequestration's because they don't want to be cautious because it is like a gun to the head. they're now looking into planning for this because we are getting pretty late, and that may become a reality. back to you. melissa: rich edson, thank you so much. lori: let's continue this discussion. it is going to happen, it is exactly what the democrats want. according to scott hodge of the tax foundation. what are some alternatives to raising revenue? joining me with some ideas. to your point, you're written quite extensively on this topic. it seems the economy is poised to fall off the cliff and that's what the democrats and the president wants to happen. >> they want to allow all the bush tax cuts to expire. it happens naturally automatically. they don't even have to vote for it. in january we had to lower taxes for everybody. getting it very simply. lori: a lot of people are concerned. if we do go over the cliff, there's no resolution for
speak up for the fiscal cliff is part of the half trillion dollars in cuts to the pentagon. the defense has been saying we will not plan for sequestration's because they don't want to be cautious because it is like a gun to the head. they're now looking into planning for this because we are getting pretty late, and that may become a reality. back to you. melissa: rich edson, thank you so much. lori: let's continue this discussion. it is going to happen, it is exactly what the democrats want....
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besides raising taxes for the rich, one of the main key stick points over the fiscal cliff debate is whether to cut entitlements. dean baker says that's not the reason for our deficit problems. so they should not be on the table right now. we also have j.d. foster of the heritage foundation who says mr. baker's numbers don't add up. good to see you, gentlemen. thanks for joining us. dean, make the case. >> well wit, it's very simple. if you look at projections, we had low-budget deficits, 1.2% gdp until the economy collapsed the housing bubble. the reason why we have large budget deficits today is pure and simple. the economy collapsed and the deficits are what's supporting demand. why are we suddenly running around like chickens with our heads cut off to cut social security and medicare when those programs are needed more than ever? >> so you think we should keep spending on those programs? >> i think we need to protect retirees. they took a big hit when their house prices collapsed to then turn around and whack them again by taking away their social security and medicare doesn't ma
besides raising taxes for the rich, one of the main key stick points over the fiscal cliff debate is whether to cut entitlements. dean baker says that's not the reason for our deficit problems. so they should not be on the table right now. we also have j.d. foster of the heritage foundation who says mr. baker's numbers don't add up. good to see you, gentlemen. thanks for joining us. dean, make the case. >> well wit, it's very simple. if you look at projections, we had low-budget deficits,...
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cliff, i'm worried some actually believe that and that's one thing that scares me. i think there's a deal on the table, get a few years deal, it's only if -- obviously the republican caucus could do something stupid, but owes otherwise my main word is the dems decide they want to play for a long term deal that it all has to be resolved right now and it's worth the risk and i don't think it's worth the risk. >> adam, always good to see you. thank you very much indeed. we move on, stay in the united states, strike at the port of los angeles long beach is entering its seventh day and some analysts fear it could cost the u.s. economy $1 billion a day. it means lost business for truckers and others who rely on the port for their livelihood. combined they are the nation's busiest handling nearly 40% of impossibles from asia. and google customers across europe will be able to access the largest repertoire of music in the world. the fruit of a collaboration between internet giant and european collecting societies. kelly spoke to the director of strategy resources and asked
cliff, i'm worried some actually believe that and that's one thing that scares me. i think there's a deal on the table, get a few years deal, it's only if -- obviously the republican caucus could do something stupid, but owes otherwise my main word is the dems decide they want to play for a long term deal that it all has to be resolved right now and it's worth the risk and i don't think it's worth the risk. >> adam, always good to see you. thank you very much indeed. we move on, stay in...
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president obama has all the leverage because he knows if it goes over the fiscal cliff, tax cuts expires and he'll never let the top 2% get that tax cut reinstated. if they do what you suggested, vote the tax cut, continue it for the 98%, then the leverage switches to them come the time of the debt limit. they might be able to make a deal where they save some of it so it doesn't go up to 39%. maybe goes up to 37.5%. maybe they do the buffett rule and only raise rates on people making $500,000. they have a little room to leverage but right now they have zero leverage, zero. >> do you agree with that? i don't know if i agree with that. it's hard once the rates go back to 39.6 or whatever they go to, to go back and say, now we to want cut taxes for the rich. what's the reason to do it? the republican party says we have to stop the government, stop paying our debts, don't pay our bills anymore because we have to help out the rich now. that would be the worst situation to be in. >> as the conversation shifts really to the bottom line in the deficit. at the end of the day the whole thing is ab
president obama has all the leverage because he knows if it goes over the fiscal cliff, tax cuts expires and he'll never let the top 2% get that tax cut reinstated. if they do what you suggested, vote the tax cut, continue it for the 98%, then the leverage switches to them come the time of the debt limit. they might be able to make a deal where they save some of it so it doesn't go up to 39%. maybe goes up to 37.5%. maybe they do the buffett rule and only raise rates on people making $500,000....
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it's part of the fiscal cliff, because just like all of these other things, stuart, people are trying to move income out of 2013, into 2012, which makes this year look a little bit better than it should, but what it means is that when we hit january 1st, 2013, the economy's going to collapse as far as i can tell. stuart: whoa, whoa, collapse is a strong word, art. >> collapse as low as we are, i agree. stuart: now, the obamacare tax change is a change in the tax rate. >> yes. stuart: that's something that the president's absolutely insisting on. he wants tax rates to go up for the top two income brackets and that's being forced by the republicans. they don't want the rate to go up. they'll pay more in overall revenue, but don't want the rate to go up. your comments please on the president's stand-fast position on raising tax rates? >> well, rates are where the real action is, i mean, if you broaden the base and lowered rates, tax revenues on the rich went up. you'd have far less-- and the when you're growing the economy and profession of vobs and output, employment production. stuart:
it's part of the fiscal cliff, because just like all of these other things, stuart, people are trying to move income out of 2013, into 2012, which makes this year look a little bit better than it should, but what it means is that when we hit january 1st, 2013, the economy's going to collapse as far as i can tell. stuart: whoa, whoa, collapse is a strong word, art. >> collapse as low as we are, i agree. stuart: now, the obamacare tax change is a change in the tax rate. >> yes....
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steps for cutting the deficit long before we were even talking about the fiscal cliff. former republican senator pete domenici from new mexico joins us now. senator, we just heard from speaker john boehner. it is very theatrical now. we wish everybody would come to the table and get serious. who is kidding who? bipartisanship is kind of a dirty word? >> well, look, i'm not sure that the anti-bipartisanship is what is at work here. i think until you get this down to four or five people, maybe six at the most that can make the decisions, you won't get it resolved. i have been here long enough to go through a very long summit and it ended up after many participants that eight people had settled it and came together at the end and of the eight, three finally made the basic decisions. so we can't tell who's, who's meeting with who but what's going on now, staff are developing different programs for these members, different ideas. this one will cost this much. this one will give this much but, from my standpoint i spent an awful long time trying to convince my republican coll
steps for cutting the deficit long before we were even talking about the fiscal cliff. former republican senator pete domenici from new mexico joins us now. senator, we just heard from speaker john boehner. it is very theatrical now. we wish everybody would come to the table and get serious. who is kidding who? bipartisanship is kind of a dirty word? >> well, look, i'm not sure that the anti-bipartisanship is what is at work here. i think until you get this down to four or five people,...
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as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unless congress acts? are they floating through unless they get rid of them? guest: by and large, most of them are permanent features of the tax code. yes, the bush tax cuts include a lot of tax breaks, particularly for the wealthy. the capital gains and dividends what -- rates would go up. there are other breaks for the wealthy that would go away if we go over the cliff. there are also some breaks that would benefit working class americans. the child credit is the biggest example. also, there is relief from what is known as the marriage penalty. this is a quirk in the tax system that causes people to pay what many believe is an unfair break just because they are married. the relief from the marriage penalty would go away and the child credit would go from $1,000 back to $500. that would have a significant impact on just regular working folks. host: jason joins us from rancho cordova, calif.. and
as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unless congress acts? are they floating through unless they get rid of them? guest: by and large, most of them are permanent features of the tax code. yes, the bush tax cuts include a lot of tax breaks, particularly for the wealthy. the capital gains and dividends what -- rates would go up. there are other...
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if you get a deal, anything like what the president has proposed, or if you go over the fiscal cliff full tilt, either way, you will have a recession and president obama's second term starts on a very negative note for the american economy. >> you put your finger on the problem. the point of having these fiscal cliff negotiations is to avoid what could lead to a recession, to avoid a calamity. the proposal your putting forward leaves you with an even worse position than you are now, what is the purpose of this? stuart: stay there for a second. i want to get the company's opinion on the raising of the debt ceiling. it is and abolition of the debt ceiling so the president and borrow whatever he wants without congressional authority. >> extraordinary power grab like we haven't seen in a long time. washington d.c. has been in bubble bland. we are in a government bubble. washington d.c. is disconnected from the reality of real-estate going up but the issue is washington d.c. things we are on the dot dog, or housing bubble from the bubbles stretching back to the 90s. we are no longer there
if you get a deal, anything like what the president has proposed, or if you go over the fiscal cliff full tilt, either way, you will have a recession and president obama's second term starts on a very negative note for the american economy. >> you put your finger on the problem. the point of having these fiscal cliff negotiations is to avoid what could lead to a recession, to avoid a calamity. the proposal your putting forward leaves you with an even worse position than you are now, what...
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the fiscal cliff? and you think that just the promise of spending cuts have to be included at this level and at this time? >> it is not productive for either side to lay out hard lines as for what size the spending cuts ought to be. there are a lot of options on how you can get there. but the second part of your question was? >> my question is do you think the promise of spending cuts has to be included in the deal that averts the fiscal cliff? >> there is a free-market we presented to the white house two weeks ago. the framework has been agreed to in terms of a down payment for the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year and tax reform next year. but this is way out of bounds. and not a recognition by the part of the white house on the serious spending problem we have. >> facing the prospect of going over the fiscal cliff or extending the lower tax rate and at the upper one, which would you choose? >> i will
the fiscal cliff? and you think that just the promise of spending cuts have to be included at this level and at this time? >> it is not productive for either side to lay out hard lines as for what size the spending cuts ought to be. there are a lot of options on how you can get there. but the second part of your question was? >> my question is do you think the promise of spending cuts has to be included in the deal that averts the fiscal cliff? >> there is a free-market we...
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if we end up going over the fiscal cliff at the end of the year or not, the federal government will still be spending trillions. dennis: rich edson is in washington, d.c. rich: part of it is an spending cuts over the next decade. even with those cuts in place. they forecast federal spending to increase each year over the next decade. as for plans to contain spending, the white house has various cuts and fee increases on the table. house republicans are offering 4.1 million lower cuts and increases. even if these cuts failed to control the greatest deficit challenge, the spending on federal health care programs like medicare. >> the path has been clear for a decade now. every director comes to the same conclusion. you cannot roll your way out of it. you must change these programs. >> president obama is pushing billions in new spending to spur the economy. back to you. cheryl: rich, thank you very much. dennis: merry christmas and happy hanukkah. six major banks announcing they will halt -- wells fargo, bank of america, citigroup, they say they will suspend foreclosure activity until the ne
if we end up going over the fiscal cliff at the end of the year or not, the federal government will still be spending trillions. dennis: rich edson is in washington, d.c. rich: part of it is an spending cuts over the next decade. even with those cuts in place. they forecast federal spending to increase each year over the next decade. as for plans to contain spending, the white house has various cuts and fee increases on the table. house republicans are offering 4.1 million lower cuts and...
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dennis: growing number of companies fearing the fiscal cliff, borrowing money to pay off dividends now. tracy: there's a side effect to be aware of, and elizabeth is mere. >> swamp the balance sheet with debt, you're going to get a credit rating cut, and that's why agencies are warning. we have $100 billion borrowed in november, and now the number of companies issuing special dividends 234 # tax hikes on dividends, 173. watch out, costco cut by fitch, its credit rating downgraded. s&p down downgraded jack daniels and vodka, you know, allen hamilton in the third quarter, cairn vol, all borrowed to issue special dividends, and really interesting story is costco, the ceo has been out there saying americans have to pay their fair share and sacrifice. you know, a big supporter of the president. he's saving $4 million on the special dividends costco has advance of the tax hikes. the board saving about $8 million on a $29 million dividend they get early. this is the companies on the radar screen. not, you know, just for that, if you are out there saying, yes, america should pay the fair share
dennis: growing number of companies fearing the fiscal cliff, borrowing money to pay off dividends now. tracy: there's a side effect to be aware of, and elizabeth is mere. >> swamp the balance sheet with debt, you're going to get a credit rating cut, and that's why agencies are warning. we have $100 billion borrowed in november, and now the number of companies issuing special dividends 234 # tax hikes on dividends, 173. watch out, costco cut by fitch, its credit rating downgraded. s&p...
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it is the fiscal cliff. if we go over that, if all the tax cuts expire, if we have the sequester, if we don't extend payroll tax relief and unemployment benefits, we will end up at the end of 2013 with about over 3 million fewer jobs than we would have had otherwise. just imagine that. the fiscal cliff is going cost the economy in that order of magnitude, 3 million jobs. we should not, not, not go over that cliff. now -- >> by the same token, though, his point about -- and i don't want to make this about ed. the fact remains that the debt levels we have in this country in effect put a cap on growth right now. >> sure, sure, sure. i think that economists have been saying for years -- i have said repeatedly, economists on both sides of the aisle have said repeatedly what we need is a long-term plan for deficit reduction that begins to take effect when the economy is closer to its capacity. right now it's at least 6% below its capacity. the unemployment rate, 7.7, it should be like 5.7 at capacity. we should no
it is the fiscal cliff. if we go over that, if all the tax cuts expire, if we have the sequester, if we don't extend payroll tax relief and unemployment benefits, we will end up at the end of 2013 with about over 3 million fewer jobs than we would have had otherwise. just imagine that. the fiscal cliff is going cost the economy in that order of magnitude, 3 million jobs. we should not, not, not go over that cliff. now -- >> by the same token, though, his point about -- and i don't want to...
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cliff, and he's clearly not interested at all in cutting any spending. what the president is really interested in, as we learned just yesterday, is getting as much taxpayer money as he can, first, by raising taxes on small business that he believes are making too much money and then on everybody else, not so he can lower the debt or the deficit but so he can spend to his heart's contefnlts for months the president has been saying all he wants is to raise taxes on the top 2% so he can tackle the debt and the deficit. however, yesterday he finally revealed that's not really his true intent. by demanding the power to raise the debt limit whenever he wants, by as much as he wants, he showed what he's really after is assuming unprecedented power to spend taxpayer dollars without any limit at all. this isn't about getting a handle on deficits or debt for him. it's about spending even more than he already has. why else would he demand the power to raise the debt limit on his own? by the way, why on earth would we ever consider giving a president who's brought u
cliff, and he's clearly not interested at all in cutting any spending. what the president is really interested in, as we learned just yesterday, is getting as much taxpayer money as he can, first, by raising taxes on small business that he believes are making too much money and then on everybody else, not so he can lower the debt or the deficit but so he can spend to his heart's contefnlts for months the president has been saying all he wants is to raise taxes on the top 2% so he can tackle the...
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timothy geithner saying the white house is prepared to go over the fiscal cliff if republicans don't give in on higher taxes for the wealthy. a little bit of trade data out of the uk. i didn't have a forecast for this. adjusted global goods trade deficit 9.5 billion. september unrevised. forecast here forecast at 8.65, so that is a wide deficit than forecast. adjusted 4.5 billion. sterling not reacting huge amount. european stocks today are firmer. up 0.4% for the ftse. xetra dax continues its strong momentum, we are trading at 52 week highs and up now about 27% for the year. bond markets which is where we stand with yields, spanish ten year yields slightly lower, but we were 5.2% beginning of the week was the handle. currency markets, not huge changes. euro-dollar just below 1.31, dollar-yen 82.44. euro trading, though, at a fresh day high it must be said. we have comments coming out of china on the smartphone segment. apple's rang in china smartphone market which will become the world's biggest this year down to number six in the third quarter. facing tougher competition from chine
timothy geithner saying the white house is prepared to go over the fiscal cliff if republicans don't give in on higher taxes for the wealthy. a little bit of trade data out of the uk. i didn't have a forecast for this. adjusted global goods trade deficit 9.5 billion. september unrevised. forecast here forecast at 8.65, so that is a wide deficit than forecast. adjusted 4.5 billion. sterling not reacting huge amount. european stocks today are firmer. up 0.4% for the ftse. xetra dax continues its...
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cliff -- he wants what's in the fiscal cliff. it's defense cuts and tax hikes. we're compromising with someone who doesn't want to compromise. he likes that stuff. i know he doesn't want to raise taxes on the middle class. but we have to give up everything in this deal. we should articulate our principles or give him what he wants. we're going to vote present and say -- >> boehner's doing the best he can. he's playing a short deck right now. >> you really think he's the best spokesman for conservatism. >> no, no. >> we should put a paul ryan -- we need younger leadership. >> paul ryan came out publicly in support of boehner. that's point number one. secondly, boehner jumped ryan over more senior people to put him as head of the budget committee. that's my second point. and boehner himself is being advised by ryan every step of the way. >> what do you say about this purge then? he's purging people that wants to balance the budget. >> you lost, ron. don't blame boehner. blame the republican party. blame conservatives. jim demint sa
cliff -- he wants what's in the fiscal cliff. it's defense cuts and tax hikes. we're compromising with someone who doesn't want to compromise. he likes that stuff. i know he doesn't want to raise taxes on the middle class. but we have to give up everything in this deal. we should articulate our principles or give him what he wants. we're going to vote present and say -- >> boehner's doing the best he can. he's playing a short deck right now. >> you really think he's the best...
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. >> after her meeting with geithner, nancy pelosi says congress should address the fiscal cliff in two stages. first lawmaker shoes agree to spending cuts and an infrastructure package along with passing the middle class tax cut. she says tax and entitlement reform would then come in the next year. mean while christine lagarde says she's hopeful an agreement can be found. >> are you confident that they will reach an agreement? >> i have to come to talk about the fiscal cliff? practicing matti >> we all have fiscal cliff fatigue. >> yeah, i think it's totally understandable, but it still hasn't been dealt with as we've just seen. we think there will be a fiscal slide. we have kind of three scenarios in find. a full fiscal cliff, a bunny slope or something in the middle, a fiscal slide. and i think that's where we're headed. we believe it will be in the neighborhood of 1.5% of gdp in fiscal adjustment and i think that's obviously better than the full lack of 4.5. and it's better than -- worse than something that wouldn't make too much difference. 1.5 will make an important difference sti
. >> after her meeting with geithner, nancy pelosi says congress should address the fiscal cliff in two stages. first lawmaker shoes agree to spending cuts and an infrastructure package along with passing the middle class tax cut. she says tax and entitlement reform would then come in the next year. mean while christine lagarde says she's hopeful an agreement can be found. >> are you confident that they will reach an agreement? >> i have to come to talk about the fiscal cliff?...
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i am worried we will go over the fiscal cliff, in part to have a reset. if we any over, republicans could start talking about cutting taxes on the middle class, as opposed to keeping them up on the rich. and the democrats will could potentially get a better deal. we can see this has happened in europe. when you have this kind of brinksmanship over and over and over again, and you go back and forth, markets start to get very burden they've been very volatile. and i think businesses have been holding back on investments. you can see big capital spending by businesses in last four months has been way down, about 8%. there should be a boom going on right now. we have a construction market boom, we have an energy field that is booming. companies would be spend physician we could get over this cliff. >> schieffer: i'm hearing some liberal democrats will say let it go over the cliff. i mean, would they really do that? i mean, because what would happen, then you would have, i guess, the tax cuts would expire. but would they let these draconian cuts in, say, defen
i am worried we will go over the fiscal cliff, in part to have a reset. if we any over, republicans could start talking about cutting taxes on the middle class, as opposed to keeping them up on the rich. and the democrats will could potentially get a better deal. we can see this has happened in europe. when you have this kind of brinksmanship over and over and over again, and you go back and forth, markets start to get very burden they've been very volatile. and i think businesses have been...
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that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. german, thank you. this is your last committee meeting -- chairman, thank you. this is your last committee meeting and you will be missed. >>: back to the analogy of the avalanche, a -- going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning. likewise, we did have the same type of avalanche come tomorrow. there is no more confidence, nobody buys are debt. we would have increased interest rates and huge economic problem. we have two things in front of the spread not only the fiscal slope, but also the debt ceiling. treasury estimates at the end -- we have until the end of february. in solving it, would be better to put the debt ceiling in the package with the fiscal slope for a comprehensive solution? or would it be better to do them separately? >>
that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. german, thank you. this is your last committee meeting -- chairman, thank you. this is your last committee meeting and you will be missed. >>: back to the analogy of the avalanche, a -- going...
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the fiscal cliff was agreed to by republicans and democrats. now nobody wants to pay the price. i say let's go ahead and get this done. the fact is it's actually a slope and not a cliff. we've got to get this done. i'm serious about deficit reduction. i don't think you can talk about deficit reduction without more taxes and cutting spending both. >> do you think the white house is ready? do you have people there with a wink and a nod, howard, that say you're right? >> i don't really know. i mean, they couldn't possibly say that, they're in the middle of a negotiation. and so we'll see what happens. but i believe that the country will get through this. there will be some pain in the next year. and the other thing i believe is that wall street who's moaning and groaning about this is actually going to do much better. because this is something i agree with rick about is certainty is critical to the business community. we can disagree about the regulatory stuff, but the fact is if we do this, if we go over the cliff, tax rates will be at a certainty. you can say they'll be too high,
the fiscal cliff was agreed to by republicans and democrats. now nobody wants to pay the price. i say let's go ahead and get this done. the fact is it's actually a slope and not a cliff. we've got to get this done. i'm serious about deficit reduction. i don't think you can talk about deficit reduction without more taxes and cutting spending both. >> do you think the white house is ready? do you have people there with a wink and a nod, howard, that say you're right? >> i don't really...
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going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as quote an unacceptable risk that will quote severely diminished america's global posture right this would be devastating to a country that right now spends as much on its military as the next ten countries combined so would this be the end of defense as we know it that's exactly the question that my next case explored on a panel called the fiscal cliff what does this mean for defense and national security i'm joined now by colonel douglas macgregor thank you so much for taking the time sure so there is so much hype about this lawmakers are saying that this would be absolutely paralyzing to the milita
going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as...
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goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7% unemployment because so many people left the workforce. 146,000 jobs. the question a lot of people are asking is when are we going get back to good honest job creation to grow the economy? what is it going to take? >> political will in a word. what is interesting about the jobs numbers and the economy in general is that it's not so much the fundamentals of the economy. businesses who hire people who create jobs which nancy pelosi is looking for are looking for political will out of washington. they are looking for certainty on the fiscal cliff. certainty that debt reduction, there will be debt reduction, that entitlements will be brought under control. looking for certainty on taxe taxes. until this happens, there isn't going to be that certainly. i h
goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7% unemployment because so many people left the workforce. 146,000 jobs. the question a lot of people are asking is when are we going get back to good honest job creation to grow the economy? what is it going to take?...
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tax hikes and spending cuts. notice i did not call it the fiscal cliff. so ultimately which wins out? let's ask gina sanchez, director of equity and asset allocation at rubini global economics. dan, i know you've been traveling, london, san fran, all parts in between last couple of weeks. how concerned are your clients about what's going to happen on january 1st? >> it's not so much that they're concerned about what happens on january 1st because i think the bulk of our meetings have focused on the fact that this isn't really a cliff so much as a lot of people have been saying a slope. more importantly to your first question, i have been on the road for the better part of 2 1/2 months now. i don't really get many questions or have many debates about greece or spain anymore. i think there's definitely a back burner element to what's going on in europe as people focus whether it happens on january 1st or not on the fiscal cliff. >> let me follow up with that real quick. here's the thing -- the greek situation, which was driving the market negativity a few m
tax hikes and spending cuts. notice i did not call it the fiscal cliff. so ultimately which wins out? let's ask gina sanchez, director of equity and asset allocation at rubini global economics. dan, i know you've been traveling, london, san fran, all parts in between last couple of weeks. how concerned are your clients about what's going to happen on january 1st? >> it's not so much that they're concerned about what happens on january 1st because i think the bulk of our meetings have...
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credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty ra
credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back...
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the fiscal cliff? >> there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. now, that would include spending cuts and it would include revenue. setting up a process for entitlement reform for next year and tax reform for next year. but -- but -- but this is way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. >> faced with the prospect of going over the fiscal cliff, which you just called serious business, or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people, through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> what's that point of balance you just spoke about? could you put a debt limit increase in the overall package? >> as i told the president a coup
the fiscal cliff? >> there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. now, that would include spending cuts and it would include revenue. setting up a process for entitlement reform for next year and tax reform for next year. but -- but -- but this is way out of balance. and not a recognition on the part of the white house about the serious spending problem that we...
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. >> do you think there would be any growth, anything positive, from going over the fiscal cliff that would ameliorate the damage? >> it depends on what -- the deficit. >> if you -- depends what the alternative is. alternative is what was proposed yesterday, i would go over the cliff and take -- >> so would all the people on the left. >> but on the other hand, i hope that there can be -- >> 50/50? where are we? >> 50/50, yes. >> you don't think it is 70? >> as a patriot i want to think it is better than 50/50. >> i'm wearing my but only -- >> i am, too. rising above. >> it is -- direct thing right at the -- somebody who is speaking in pennsylvania today. is it pennsylvania? >> pennsylvania today. >> but -- >> that's how i rise above it. >> i felt a lot better yesterday when i was reading the -- talk in the journal. story about how it looked like there was movement on it. i don't know. >> doesn't sound -- maybe we are wrong for focusing on the day by day. >> we will come back and ask how larry would negotiate this deal. still to come this morning, it is the height of the holiday shoppi
. >> do you think there would be any growth, anything positive, from going over the fiscal cliff that would ameliorate the damage? >> it depends on what -- the deficit. >> if you -- depends what the alternative is. alternative is what was proposed yesterday, i would go over the cliff and take -- >> so would all the people on the left. >> but on the other hand, i hope that there can be -- >> 50/50? where are we? >> 50/50, yes. >> you don't think it...
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the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically week and counting before you think the equity market really drops significantly? >> if we do get a deal done do, we just maintain the 2% that we're stuck in with the high unemployment and not go down? or does it actually allow us to start growing again? is anybody talking growth? >> we're talking growth. >> is it possible to ever get back to that in this environment? >> it is. you have a lot of problems with the piece. >> do you briyou believe if you rote deficit -- two different ways. you either keep the government that you
the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically...